WHO IS BUYING IN FLORIDA

According to the National Association of Realtors recent study, “2007 Profile of Florida Homebuyers and Sellers”, one in three Florida homebuyers is singe – 21% of 2007 new home purchases were made by single women and 12% by single men. 64% of the buyers had no children under age 18, but the median age of buyers was 43. For first time home buyers, 38% of 2007 home buyers, the median age was 32. 59% of homebuyers were married couples, 6% were unmarried couples. 18% were born outside the US. 27% bought new homes, 58% were detached single-family homes. Typical home had 1700 sq ft and was within 14 miles from their previous home. 98% of buyers ranked honesty and integrity as a “very important factor” when choosing a real estate agent. 90% of homebuyers financed their purchase. The report states that the typical home was on the market for 10 weeks and 33% of sellers did not lower their asking price before selling. Recent sellers typically sold their homes for 96% of the list price. 86% of home sellers reported that their home was listed or advertised on the internet. You can find the report at http://www.floridarealtors.org/LegislativeCenter/Research/index.cfm .

WIDESPREAD US HOME PURCHASES BY INTERNATIONALS

National Association of Realtors has estimated that between 150,000 and 190,000 homes in the US were sold to foreign nationals between May 2007 and May 2008. Florida, California and Texas were the most popular states. With the US dollar weakened compared to foreign currencies, US real estate was recognized as a good investment right now.

FYI: PENDING SALES JUMP UP

The pending home sales index jumped in July by 5.3%, rising in every region of the US. In the South, the index was up by 9.3%. Is a turnaround underway? This index measures signed sale contracts that are on the way to a closing, which is a leading indicator of home sales for the coming two or three months.

PBIA FEATURING PALM BEACH COUNTY ARTISTS EXHIBIT

An Opening Reception will be held at Palm Beach International Airport on Wednesday, September 10th , 5:30-7 pm in the Airport’s Concession Mall, Level 2 Main Terminal, across from Travelers Lounge for exhibits of local paintings, sculpture, photography and mixed-media works, sometimes depicting the flora, fauna and natural places in the County. To see a virtual tour of the art, go to http://www.pbcgov.com/fdo/art/artworks.htm. The artworks, created by residents of various Palm Beach County cities, are for sale. Parking available in Short Term levels 4-7. The exhibit will be on display through September 24th, and is sponsored by Palm Beach County’s Art in Public Places through a grant from the Palm Beach County’s Cultural Council. Selected works with are presented for four months and each exhibition features changing cultural and travel themes. Contact information for artists interested in submitting their works is http://www.pbcgov.com/art/FDORegistry.aspx.

MORE ON WORLD’S MOST EXPENSIVE HOUSE… NOW REPORTED TO HAVE SOLD FOR $750,000,000

Now comes word that the anonymous Russian billionaire who bought the exquisite Villa Leopolda historic estate on the French Cote d’Azur paid a higher price than previously reported. This purchase overtakes the previous highest purchase of a London home by Laksmi Mittal for his son for $236,000,000. (WOW these are all a lot of zeros!). Villa Leopolda is between Monaco and Nice, overlooking Cap Ferrat near Villefranche-su-Mer. It is a cream-colored turreted mansion with two guest houses. King Leopold II of Belgium built the villa in 1902. In 1916, King Leopold’s nephew and heir, King Albert I, turned the villa into a hospital for wounded officers during WW1. The Agnelli family later owned the property (Fiat auto tycoons) and held legendary jet-set parties in the 1960’s, with guests including Frank Sinatra and Ronald Regan (in his acting days). Fifty full-time gardeners are employed to take care of 20 acres of gardens and terraces, with 1200 olive, orange, lemon and cypress trees. The grounds are considered among the most spectacular on the Cote d’Azur. Seller was Lily Safra, widow of murdered banking billionaire, Edmond Safra. A Russian oil oligarch is said to be the new owner. But not Roman, Abramovich, owner of the Chelsea Football Club, who owns a $100,000,000 mansion near Antibes. It is reported that 60 villas and mansions on Cap Ferrat are owned by wealthy Russians.

GOOD NEWS: HOLIDAY BOAT PARADE WILL GO ON

Canceled last year because of budget cuts, private sponsors have made it possible for the thousands who watch the Boat Parade to again do so on December 20^th 2008 starting at 6:30 pm at the C-15 canal (Boca-Delray line) and moving south along the Intracoastal Waterway. The sponsors to thank for allowing this 31-year old event to go on include Summit Brokerage, The Boca Raton Resort & Club, Loggerhead Marina, Florida Inland Navigation District and Marine Industries Association of Palm Beach County and The Greater Boca Raton Beach & Park District. Other sponsorships are available – email elilly@ci.boca-raton.fl.us or call 561-393-7827. As is the custom, boats will stop along the route at various docks and pick up donations for needy kids.

SOME OF THE "GOOD NEWS"

Affordable house prices combined with attractive exchange rates have resulted in our Canadian neighbors becoming the largest group of foreign buyers of homes in the United States, followed by buyers from the UK, Mexico, China, India and Germany. Since May 2007, foreign nationals have purchased between 150,000 and 190,000 homes in the United States. The most popular purchase was single-family vacation homes with an average price of $297,400. Florida led the way followed by California, Texas, New York, Washington and Nevada. Four out of Ten foreign buyers paid for their new homes with cash, compared to 7% of domestic buyers. Average stay for international buyers was 2.6 months during the year. 14% of purchases were $750,000 or more. This information is from the 2008 NAR Profile of International Home Buying Activity, a survey based on responses from about 4,000 Realtors who serve foreign buyers.

PLAN NOW: LOOK WHO'S COMING TO THE KRAVIS CENTER!

Carol Burnett (1/17/09)

Barbara Cook (12/16/2008)

Lily Tomlin (2-10-09)

Jackie Mason (2-2-09)

Steven Sondheim (2-4-09)

Marvin Hamlisch (3-8-09)

Patti LuPone and Mandy Patinkin, original EVITA stars (3-25-09)

Wynton Marsalis (1-28-09)

Dr. John and the Neville Brothers (3-3-09)

Led Zeppelin (1-13-09)

The Pink Floyd Experience (2-14-09)

Blue, a tribute to Joni Mitchell (1/2-4/09)

Kravis Membership is $75 and includes priority seating opportunities based on level of donation. Public tickets go on sale for 2008-2009 at 9 am on September 20^th. For more info call 561-832-7469 or go to http://www.kravis.org. Starting in October, for 11 sessions, “Movies by Moonlight” will be presented in the Gosman Amphitheatre including Grease, Sound of Music and Singin’ In The Rain.

AUGUST ADMISSION FREE FOR PALM BEACH ZOO

Want to find something for the kids to do? Grandkids coming for a visit? Palm Beach Zoo admission fees are waived in August and unlimited carousel rides are offered for kids age 12 and younger. There are over 100 shows a week and 1600 animals to visit. The Zoo islocated at Dreher Park in West Palm Beach. Mission of the zoo is to provide an outdoor classroom of living creatures to foster awareness, appreciation and respect for the natural world. More info at www.palmbeachzoo.org.

WEST BOCA LIBRARY COMPLETION EXPECTED BY END OF SEPTEMBER

Construction began in August 2007, and opening of the West Boca county library on 441 (State Road 7) near Yamato Road is planned before December. The facility will be 20,000 sq ft, with room to expand to 40,000 sq ft. The adult, children and teen areas will have about 30 internet and word processing computers. Computers with the Library catalog are available throughout the building; free wireless access will also be available throughout the building. Three meeting rooms are available, a large one for 70 people and a 50-seat room for children’s programming are included. There will be three private study rooms and a larger group study room, two express checkout stations and themed areas designed for young adults. There will be a total of 136 parking spaces. Materials can be returned at a drive-up as well as walking up to interior and exterior returns areas.

FOR THE GOURMETS AND THE GAWKERS… WELL, REALLY FOR ALL OF US…

Palm Beach Restaurant Week will be held October 20-26, so mark your calendars NOW. Styled after the famous New York Restaurant Weeks, for $20.08, three-course lunches will be offered at restaurants that are said to include Café Boulud, Café L’Europe, Charley’s Crab, Flager Steakhouse (at the Breakers), Michael R. McCarty’s, Ocean Bistro at the Four Seasons, Renato’s and the Ritz Carlton. The Palm Beach County Convention Center and Palm Beach Chamber of Commerce are involved in the planning.

CELEBRATE BOCA FESTIVAL DAYS AUGUST 1 TO AUGUST 31

Join in MISSION POSSIBLE 2008 on August 7^th from 6-8:30 pm at Town Center, and take on the role of sleuth in a mystery mission. Proceeds benefit The Haven, a local home for boys age 9 to18 who have been placed in protective care by the state. Sample more than 100 wines and many hors d’oeuvres on August 16 from 7-9 pm at WINE & ALL THAT JAZZ at the Boca Raton Resort and Club. Gear up for 5k walk August 19 from 5:30-8:30 pm at Marriott Boca Center. Goal is to collect $375,000 for MAKING STRIDES AGAINST BREAST CANCER. Local celebrities will compete on the dance floor on August 28^th, 6-9:30 pm at Pavillion Grille, 301 Yamato for the BOCA BALLROOM BATTLE with proceeds benefiting the George Snow Scholarship Fund. Local business leaders and representatives from area nonprofit and media groups are working together to present these events and many others (40+) throughout the month of August. C’mon over and don’t miss all the fun!

95th BIRTHDAY COMING UP FOR “SINGING PINES” HOUSE

For the last 30-years, “Singing Pines” house has been the home of the Boca Raton Children’s Museum. Celebrations are scheduled for October, along with the first phase of expansion, and will feature a look back at Boca’s pioneer history, a display “for kids and about kids.” Located at 498 Crawford Boulevard, the museum will soon look like a village green. Author Diane Benedetto has written a book on what it was like to be a kid in the pioneer days and will be taking part. A Memorabilia Closet will hold toys and clothes from that era. Historic photos will be included, in particular on of the aftermath of a 1920’s hurricane where everything is devastated but “Singing Pines” remains standing. The house was built by William Myrick who purchased the property from Henry M. Flagler’s Model Land Company and the Myricks were one of 13 families who settled in Boca Raton in 1913. Phase II will be a high-tech house with a mini-Imax theatre and computer labs that give children an opportunity to create science projects, make films… and more. It will be named “The Voyager,” using designs from H.G. Wells and Jules Verne. Museum Hours are Tuesday through Saturday, 12-4 pm. For more information call 561-368-6875.

SPANISH MARTINSA-FADESA GOES BELLY UP FOR $8-BB

As if it weren’t enough for us to hear about the loss of local builders during this market downswing, now we learn other countries are experiencing the same conditions. The subject company failed to secure new financing to remain operational. Sharper interest rates and tighter lending conditions are prevalent. The company is one of the largest construction companies in Spain with $17.4-BB in assets, the first major Spanish victim of the real estate recession and crisis. It is currently selling off its assets to raise money for debt obligations. In cities like Madrid and Barcelona residential home sales are down 30% this year.

PENINSULA BOYNTON BEACH DEVELOPER IN BANKRUPTCY

Waterbrook Peninsula LLC has filed for bankruptcy. Your editor recently visited the project and took these photos. The property is on a small peninsula with water on three sides, on Federal Highway and the intracoastal waterway. It was planned to have 40 luxury condos, 20 town homes and 10 large single family homes. Construction is almost complete on the condos and single family homes but town homes have been delayed. This bankruptcy, where National City Bank foreclosed on a $26-MM mortgage, highlights the down market conditions.

WORLD’S MOST EXPENSIVE HOUSE? $500,000,000!

Once owned by Bill Gates, La Leopolda, 10 acres, said to have the best views in Southern France, reportedly built by Belgium’s King Leopold for his mistresses, has been purchased by Russian billionaire Abramovich, reportedly for CASH. A regular 80% mortgage would have monthly payments of over $3,000,000!

MASTERS IN ENVIRONMENTAL EDUCATION TO BE OFFERED AT FAU

Did you know that FAU’s Pine Jog Environmental Education Center in West Palm Beach is one of the nations oldest nature centers and serves annually more than 25,000 students, 750 teachers and 12,500 adults? A 36-credit course resulting in a master’s degree program in environmental education, needing no additional state funding due to funds from a Pine Jog endowment, is being planned by the Florida Department of Education. It is noted that this is one field where there is a critical teacher shortage. There will be a conversion available from a track in the approved master’s degree in curriculum and instruction to a stand-alone degree in environmental education. The student can choose either to complete the track or transfer to the new degree program. The new program will be held in collaboration with FAU’s Pine Jog Environmental Center. The first Leadership in Energy & Environmental Design (LEED) certified “green” elementary school in the state is located on the pine Jog campus. An existing College of Education instructor who focuses on environmental education will be assigned to the program. Funds also come from a continuing contract with the Palm Beach County School Board.

LAST BOCA AIRPORT LAND PARCEL UP FOR BIDS AGAIN

“Letters of interest” in bidding were requested in the past for the 4.67-acre parcel of airport land, recently designated as non-aviation land (not needed for airport use). The bids received did not meet all the requirements, and another request has been made by the Airport Authority. This is the undeveloped land near the Muvico Theater and Premier Aircraft on Airport Road. Approved uses include business and professional offices, retail uses, banks and financial institutions, hotels and motels, educational institutions, radio or tv studios, indoor theaters, bowling alleys, recreational facilities and medical offices. Potential developers would need a conditional use permit from the city. Information about the proposal can be found at www.BocaAirport.com

GAS FOR LIFE ???

The Florida Lottery is offering an 8-week “Summer Cash” drawing across the state to tap into the public’s frustration with sky-high gas prices. Prizes include “Gas for a Year” and “Gas for Life.” Tickets are $5. Grand prize is $250,000. GO FOR IT!

MONTH LONG BOCA FESTIVAL DAYS COMING IN AUGUST

Festival Days was established by the Greater Boca Raton Chamber of Commerce to raise awareness and funds for non-profit organizations and to boost business during a “slow month.” Last year $200,000 was raised for non-profits including The Haven, Boca Helping Hands, American Cancer Society, Kids in Distress, Volunteers for the Homebound & Family Caregivers and the Wildlife Care Center. The Chamber pairs “for-profit” and “non-profit” organizations. The official Chamber Boca Festival Days even is Wine & All That Jazz, to be held on Saturday, August 16^th, 2008 at the Boca Raton Resort & Club on Camino Real. Upscale dress or business attire for this even, an opportunity to preview over 100 wines and fresh, handmade European style chocolates, plus music and dancing. For the full schedule of almost daily events, go to the online events calendar at www.BocaRatonChamber.com or email dsalazar@bocaratonchamber.com. You can support these events as a “Community Builder, “Community Partner”, or “Community Friend.” A list of organizations you can choose to support is on the events calendar for Festival Days. Call Desire Salazar at 561-395-4433, ext 235.

REAL ESTATE UPDATE

Currently there are 20 homes available in Royal Palm Yacht & Country Club for over $5,000,000. They range in price from $5,900,000 TO $24,900,000. Sizes range from 7682 to 18,262 sq ft, built between 1997 and 2008.

HOW ABOUT A FREE RELAXING CONCERT THIS SUNDAY AFTERNOON?

“OCEANS 2” will present a concert on Sunday, June 29^th from 3-4 pm at the Spanish Rivier Library on Spanish River Boulevard that is free to the public, as part of the Sunday Matinee Music Series. Skip Sheffield, columnist for the Boca Raton News and Bill Bowen, writer and editor at the Palm Beach Post will perform tunes from Simon & Garfinkle, Jimmy Buffet-style music, Beatles songs and others. For more information call Lisa Mansell at 561-451-3452.

SPEND THE DAY AT A BEAUTIFUL PARK IN BOCA RATON

Have you visited our beautiful Boca Raton parks? Some have ball fields for the school age children, some present shows, both at Sugar Sands Park. At South Inlet Park you have lots of sand to sit on, beautiful direct oceanfront views, a picnic and play area. Patch Reef has a community house with classrooms and meeting rooms and ball fields. Check them all out and enjoy our local facilities. You and the family can snorkel at Red Reef Park. For a large pool, head to Meadows Park. Call for their schedules… a great way to spend a Sunday and some have picnic facilities.

Red Reef Park -561-391-5014

Sugar Sand Park – 561-347-3900

Meadows Park - 561-393-7851

Patch Reef Park - 561-997-8504

South Inlet Park - 561-966-6600

ENJOY!

COME AND ENJOY "ART AND JAZZ" ON THE AVENUE IN DOWNTOWN DELRAY

On Thursday, June 26^th from 6 to 10 pm “Art and Jazz on the Avenue” in Delray Beach will feature free events, open to the public. The New Orleans’ Second Line Band will perform at Worthing Park and feature the Chief of the Wild Tchoupitoulas, a modern-day Mardi Gras Indian tribe. Others include Strictly Business, Hook, Son of Man, Jazz Steam and Totall Kontroll. At the Old School Square’s pavilion come and watch the Southern Dance Theatre. Many restaurants, shops and galleries will offer one-night-only complimentary beverages and samplings, sales, meet-and-greet with artists, summer clearances and register-to-win contest. The Downtown Roundabout free shuttle bus will run until 11 pm. One shuttle starts at the Tri-Rail station on Congress, going east on Atlantic Avenue, another at the Delray Beach Public Library going to the beach and back. They run about every 20 minutes. For more info call 561-243-7322 or go to mydelraybeach.com. Atlantic Avenue will be closed to vehicular traffic from 4-10 pm between Swinton and SE 7^th.

NOTE: YOU MUST MOVE OVER FOR STOPPED EMERGENCY VEHICLES ON HIGHWAY

With the primary objective to save lives of law enforcement officers conducting traffic stops, a statute passed during the 2002 session of the Florida legislature requires that motorists traveling on I-95 and other Florida highways with two or more lanes traveling in the direction fo the emergency vehicle “slow down” or “move over” and out of the lane closest to the vehicle as soon as its safe to do so, when approaching an authorized emergency vehicle stopped on the highway. Drivers are required to slow to 20 miles per hour less than the posted speed limit if 25 miles per hour or greater or travel at 5 miles per hour when posted speed limit is 20 miles per hour or less.

CHILDREN'S MUSEUM HOLDS TOWNE PICNIC SATURDAY 6-21

From 11 am to 2 pm The Children’s Museum will hold what it hopes will be its first nnual picnic on the museum grounds at 498 Crawford Boulevard. There will be Dixieland Entertainment, children’s crafts, horseshoe and lawn croquet tournaments, a 3-legged sack race and free museum admission.
For more information call 561-368-6875.

ARTISTIC ENTRIES BEING ACCEPTED FOR “BOCA FESTIVAL DAYS”

Sign up by Friday June 27^th to submit up to two pieces of 2- and 3-dimensional work. Be age 18+, and send $25 entry fee per application. For entry form go to www.sugarsandpark.org or go to Sugar Sand Park Community Center. You can call Stacee Cooney at 561-347-3901. The Sugar Sand Park Community Center’s Juried Art Exhibition is part of the month-long Boca Festival Days event organized by the Greater Boca Raton Chamber of Commerce.

PANDAS ARRIVE IN BEIJING FOR OLYMPICS

Eight merry pandas arrived safely in Beijing after a long journey from their damaged reserve near the epicenter of the deadly earthquake in China. The pandas arrived Saturday to spend the next six months at the Beijing Zoo on a special Olympics visit that had been planned long before the quake. If we built a Boca Zoo, would they come?

OWNING REAL ESTATE JUST FOR THE WEALTHY, OR COULD IT LEAD TO BECOMING WEALTHY?

American Express’ and the Harrison Groups’ Annual Survey of Affluence and Wealth in America shows that 40% of the nation’s wealthy plan to buy real estate in 2008. With 88% of the super-affluent group believing that real estate will rebound, 41% of those with annual incomes between $250,000 and $499,000 said that owning a 2^nd home was almost a requirement, and view real estate as diversification in their portfolios; 33% of them will be in the market for such a home in 2008. One quarter of them are shopping for a third home. Of those considered affluent with annual incomes between $150,000 and $249,000, 24% plan to buy a home this year. Of the upper middle class with annual incomes of $100,000 - $149,000, 17% plan to buy a home this year. One in ten homeowners owns a 2^nd home, 23% of those between ages 45 and 64 own 2 or more homes, as do 24% of those age 65. According to the National Association of Realtors, one third of the homes sold in 2007 were to 2^nd home buyers and investors, even though only 134% had incomes above $100,000.

LOCAL SCHOOLS RANK HIGH

NEWSWEEK’s May 21, 2008 “TOP OF THE CLASS” article showed the following area schools in these ranks in the top 1000 of 1400+ public high schools in the US:

Suncoast Community (Riviera Beach) is #3

Dreyfoos School of the Arts (Palm Beach) is #33

Atlantic Community (Delray Beach) is #58

Boca Community (Boca Raton) is #146

Spanish River (Boca Raton) is #196

Palm Beach Gardens (Palm Beach Gardens) #663

West Boca Raton (Boca Raton) is 675

Jupiter (Jupiter) is #859

William T. Dwyer ( Palm Beach Gardens) is #978

Public schools are ranked according a ratio devised by Washington Post Education Reporter Jay Matthews: the number of Advanced Placement, Intl. Baccalaureate and/or Cambridge tests taken by all students at a school in 2007 divided by the number of graduating seniors. All of the schools on the list have an index of at least 1.000; they are in the top 5 percent of public schools measured this way.

http://www.newsweek.com/id/39380

$232-MM – NEW WORLD RECORD FOR RESIDENTIAL PROPERTY?

It is widely reported, but not yet confirmed that Lakshmi Mittal is ready to spend USD $232-MM on a home for his son, Aditva Mittal (pictured here), in London’s Kensington Palace Gardens neighborhood. According to Forbes Magazine, Lakshmi Mittal is the 4^th richest person in the world with an estimated personal net worth of $45-BB. Current property owner is Noam Gottesman, hedge fund manager.

2008 BEST RESTORED BEACH AWARD GOES TO BOCA RATON

One of 5 cities in the nation to win the award, The American Shore and Beach Preservation Association cited North Beach, located between Red Reef Park and Boca’s northern boundary. Successful beach renourishment projects have been completed on the central and south beaches, in 2006 and 2003 respectively. Beaches are restored for storm protection, habitat restoration and recreation. More than 370 beaches in the US have been restored along coastlines in Miami Beach, Coney Island and Venice Beach in Southern California. Three criteria are judged – economic and ecological benefits the beach brings to its community, the short and long term success of the restoration projects and the challenges each community overcame during the project. Judges commented that the North Boca Raton effort “is characterized by its longevity, environmental sensitivity and foresight. The three large Boca Raton beachfront properties are worth over $330-MM, making them the city’s most valuable asset”.

BOCA COMMUNITY HOSPITAL JOINS FORCES WITH MAJOR CANCER CENTER PROGRAM

A forthcoming study, Total Cancer Care, that Boca Community Hospital Lynn Cancer Care Institute will participate in, includes association with a major cancer center (the Moffitt Cancer Center in Tampa), a pharmaceutical firm (Merck & Co) and the state of Florida who will be doing a study that could radically change the way cancer is treated. Moffitt will link with healthcare providers nationwide. Fourteen hospital sites in Florida are participating. The goal of the program is to improve cancer prevention and treatment by using molecular technology to enhance the ability to diagnose and treat patients. Currently tumors can be tested for 30,000 genes which provide molecular fingerprints unique to each tumor. Scientists, by studying these unique molecular structures, will be able to develop individually personalized new drug therapies to enhance treatment responses. With no extra doctor visits, no additional expenses to pay and medical information remaining private, patients that participate in the program will also have access to individualized clinical trials as they develop. 2,500 cancer patients will enroll in the BRCH research program over the next 5 years, collecting tumor, tissue, blood, urine and clinical information at various points of their lives. Focus will be on breast, prostate, brain, lung, pancreatic, colorectal and ovarian tissue. Lynn Cancer Institute is one of the top five largest cancer programs for patient volumes in Florida. Patients are seen by multiple sub-specialists at the same location on the same visit. The newest location, the 98,000 sq ft $73-MM Harvey and Phyllis Sandler Pavilion is scheduled to open this fall.

LOOKING FOR SOMETHING TO DO WITH THE KIDS OR GRANDKIDS?

Take a wetlands walk at Gumbo Limbo Nature Center, 1801 South Ocean Boulevard in Boca. Meet at the boardwalk’s entrance on Jog, one mile north of Atlantic Avenue in Delray Beach. 9-10:30 AM on Wednesday, 5-28. An adult must sign up and accompany children – open to all agents. Wakodahatchee is a favorite for birders and photographers, a man –made wetland. Call 561-338-1473 to reserve. Watch the sharks, sea turtles and fish feeding frenzy at the tanks from 2:30 pm Sunday-Friday, 11:30 am Saturdays. No fee, no reservations. Walk Red Reed beach looking for ocean treasures and find spectacular shells. First you will hear an introductory talk about seashells and the animals that make them. These will be held in June and July on various Thursdays, and on a Monday in August. Call 561-3381473 for reservation and information. Members pay $4, non-members pay $6.

MEMORIAL DAY EVENTS

Boca Raton

10 a.m., Memorial Day ceremony at Boca Raton Cemetery, 449 SW 4th Ave., Boca Raton. Free. Call (561) 393-7806 selection 2.

7 p.m., Memorial Day concert by New Gardens Band, at Mizner Park Amphitheatre at North Federal Highway and North Mizner Boulevard.
Free. Call (561) 393-7806 selection 2

MEMORIAL DAY OBSERVANCES

At 9:30 am on Memorial Day, Monday May 26^th, join the Veterans Coalition of South Florida at Veteran’s Park for the annual Memorial Day program honoring armed services veterans. There will be a procession of colors, guest speakers and patriotic music. Bring lawn chairs. Veteran’s Park is located at 900 West Palmetto Park Road between Lyons Road and US Highway 441 in West Boca Raton.

HISTORIC DEAL IN PALM BEACH MAY BREAK RECORD

Donald Trumps’ 6-acre oceanfront Palm Beach 62,500 sq ft mansion at 515 North Country Road is under contract for a reported $100-MM, purchased by a family from abroad, said to be from Russia. This is the former Gozman residence. Trump paid $41.35MM in 2004 at a bankruptcy auction and spent $25MM renovating the property. There are 9 bedrooms, ballroom, art gallery, conservatory, wine room and media room as well as 2 guest houses and a 50 car garage. Trump says that if for some reason the sale does not close, he has two back up offers for more than $100MM as, “It’s one of the best sites in Florida and one of the best in the world.” It is said that the new buyers have not yet decided whether to keep the property as is, or demolish and start over.

FOR BEST GAS PRICES

http://autos.msn.com/everyday/gasstations.aspx?zip=&src=Netx

MORTGAGE CRISIS AFFECTS 2 MILLION AMERICAN CHILDREN

SOMETHING TO THINK ABOUT: Analysis shows a negative impact on the health, education, and well-being of children A new report released today reveals that an estimated 2 million children will be directly impacted by the sub-prime mortgage crisis as their families lose their homes due to foreclosures. As the first comprehensive analysis of how the crisis will impact kids, the report explains that this number will rise even higher when accounting for other populations, such as children being evicted from rental units that are going into default and those children whose parents default on conventional loans. These foreclosures will happen primarily during 2008 and 2009. The report, which includes state-by-state estimates of the number of children that are directly impacted by this crisis, indicates that foreclosures often result in disruptions to a child's education, as well as issues relating to their physical and mental health. Moreover, behavioral problems are more likely to arise in children who lose their homes, as positive peer relationships disintegrate when children are forced from their neighborhoods. The report, entitled "The Impact of the Mortgage Crisis on Children" can be found at http://www.firstfocus.net/pages/3401/. In addition, the report finds that the physical and mental health of displaced children can be severely compromised, as families losing their homes are less likely to have money available for items such as health care and health insurance. Children impacted by the mortgage crisis are likely to experience excessive mobility and as a result are only half as likely to be proficient in reading as their peers. And, they are much more likely to be held back and eventually drop out of school. Children forced from their homes experience behavioral problems, such as increases in violence. Due to the increasing number of foreclosures, school districts across the country are experiencing increases in the number of homeless children entering their classrooms, many of which can be attributed to the mortgage crisis.

WHY IT's TIME TO BUY!

There is a fixation on what rates will be in the future and what rates were in the past. I’ve heard potential home buyers say, “I’m not sure I want to buy now because rates are ¼ percent higher now and I think I’ll wait.” I ask, “Wait for what?” I say, “Let’s not look at the rate but instead concentrate on what that rate actually represents … your monthly payment. Let’s look at what an interest rate move of ¼ percent really does to a $200,000 mortgage. Say a 30-year interest rate at 6.00 percent “jumps” to 6 ¼ percent. Shall we sit on the sidelines, thinking such a move is suddenly unaffordable?” No! The payment on a $200,000 loan “jumps” by about $32 a month! Now let’s look at a ½ percent increase and the monthly payment increases by $64, which is about the price now of a tank of gas. While not insignificant, it’s hardly a reason to stay on the sidelines of home ownership. Right now, buyers should feel more urgency than ever. Home prices have declined enough to make buying more affordable than it's been in recent memory and interest rates (whether at 6 percent or 6 1/4 percent) are historically low. Can you see now that it's time to buy?

HOME PRICES PREDICTED TO GO UP 20-30% IN 5 YEARS

Association of Realtors Chief Economist Lawrence Yun recently said of an area that was hard hit by the housing downturn, that “the worst conditions in the Tampa market may have already passed… I think the second half of 2008 will be better. But if I look at the long-term perspective, five years from now, comfortably, one can say home prices in this region will be 20-30% higher.” He also said that while sub prime mortgages made up only 9% of all mortgages in the US, they made up 53% of US housing foreclosures, dragging down the housing market. Yun noted, “There’s a change in the mood over the last couple of weeks,” and that mortgage rates are at near historic lows, business spending is strong and corporate profits are up, all good economic signs. No doubt this is good news for Florida’s east coast too. According to an article in Realty Times, Palm Beach County buyers have purchased 30 percent more single-family homes from February to March.

MORE GOOD NEWS (and some bad) ON THE HOME FRONT…

The National Association of Realtors sees a flat pattern in home sales which will improve over the summer. NAR Chief Economist Lawrence Yun says the recovery hinges on better access to affordable loans….(which is)… uneven around the country and sometimes within metropolitan areas. In many areas, buyers are looking at homes, but are slow to sign contracts, sometimes waiting for more affordable credit or turned off by unnecessarily restrictive lending practices. Real estate news is “local” with some areas showing sales increases and others not. Yun says, “It is critical to stimulate housing demand by inducing fence sitters back into the market. A home buyer tax credit on any home purchase would accomplish that.” The St. Joe Co., Florida’s biggest landowner, points to stabilization in residential inventory indicating the housing market may have reached bottom. CEO Peter Rummell says rather than “expect that prices are going to be lower tomorrow than today if they just wait,” buyers “must be “retrained” to recognize the importance of making home purchases now.” At Tuesday’s congressional hearing, it appears that mortgage lenders are pursuing unjustified foreclosures against struggling homeowners, piling on questionable fees and misstating amounts due. A law professor who analyzed the system testified that “bankruptcy gives mortgage services new opportunities to engage in abusive practices,” rather than offering families one last chance to save their homes from foreclosure. University of Iowa’s law professor, Katherine Porter’s review of 1700 recent Chapter 13 bankruptcy cases found that lenders regularly disobey laws and rules as they try to collect thousands of dollars more than homeowners feel is owed. Countrywide is cited for abuses, and in one case asked a bankruptcy judge to foreclose on a home though they were current on mortgage payments, and claimed the final mortgage amount was nearly $15,000 more than what the company claimed in bankruptcy court. Proof of payments closed the case. Senator Charles Schumer, D-NY, the subcommittee chairman, said that Countrywide “is at the top of the list” of firms responsible for the national mortgage crisis,” and that Bank of America “should think even harder” about whether to complete the purchase of Countrywide.

ROYAL PALM POLO SPORTS CLUB TO CLOSE

After 49 years of polo play, Royal Palm Polo, the last polo facility in south Palm Beach County, will close on May 15^th. Located on Jog Road in Boca Raton, it was one of the first polo clubs in the country to build a stadium, drawing players from the best in the world to weekend warriors. Equestrian followers can migrate to Wellington for horseshows et al.